July semiconductor sales rose 131% year on year as memory pricing continued to drive the industry upswing.

Overview

This is Bernstein’s July 2026 WSTS data tracker for the global semiconductor industry. Its central finding is that an exceptionally strong memory cycle, particularly pricing, remained the principal driver of sales growth, while broad non-memory growth and generally favorable category-level seasonality provided additional support.

Core views

Bernstein reports that global semiconductor sales rose 131% year on year in July 2026, after 144% growth in June. The report attributes the exceptional growth primarily to memory: memory sales increased 452% year on year, generating roughly $355 billion of incremental industry revenue year to date through July. Its price-versus-volume decomposition indicates that memory pricing alone accounted for almost 70% of the industry's 111% year-to-date revenue growth. The report also stresses that momentum was not confined to memory, as sales excluding memory still rose 35% year on year. On a three-month rolling basis, industry sales were up 30.4%, compared with a typical historical increase of about 5.5%. The July month-on-month result was weaker than usual at the aggregate level: sales declined 9.5% versus the historical July average decline of 8.5%. However, Bernstein characterizes product-level performance as broadly better than seasonal norms. Discretes fell 5.9% versus a typical 10.2% decline; Analog Standard Linear grew 8.6% versus a typical 2.7% increase; Logic rose 2.2% versus a typical 0.9% decline; MCU fell 1.5% versus a typical 9.1% decline; DSP rose 6.8% versus a typical 5.1% decline; DRAM declined 17.5% versus a typical 25.7% decline; and NAND declined 14.7% versus a typical 28.8% decline. MPU was the notable weaker category, down 8.2% against a typical 5.7% decline. Optoelectronics, Sensors & Actuators, and application-specific analog were broadly in line with historical patterns. The geography data show year-on-year sales growth in every region: the Americas rose 172.6%, Asia Pacific/All Other 140.3%, China 97.5%, Europe 89.8%, and Japan 58.4%. Excluding memory, the corresponding gains were 16.0%, 70.5%, 17.9%, 33.5%, and 23.1%. Month on month, conditions were mixed: sales changed by -0.4% in the Americas, -4.4% in Europe, +1.6% in Japan, -28.0% in China, and -4.7% in Asia Pacific/All Other. The report therefore distinguishes powerful year-on-year industry expansion from uneven short-term regional movement. The sales outcome was principally price-driven in the month. Total unit shipments were nearly flat, down 0.3% month on month, while industry ASPs fell 9.3% month on month. Year on year, however, shipments rose 16.3% and ASPs rose 98.8%, again reflecting memory-price increases. DRAM and NAND bit shipments fell 22.5% and 22.1%, respectively, month on month, but their dollar-per-bit ASPs increased 6.5% and 9.5%. Over the year, DRAM ASPs rose 257.9% and NAND ASPs rose 344.1%, supporting the report’s conclusion that memory pricing has been the central source of industry revenue acceleration. By end market, application-specific IC sales rose 0.5% month on month, better than the typical 2.5% decline. Computer & Peripherals grew 2.8% against a typical 3.0% decline, Automotive fell only 0.5% against a typical 5.3% decline, and Multipurpose and Others declined 3.6% against a typical 5.6% decline. In contrast, Consumer fell 8.2% versus a typical 6.0% decline, Wireless Communication fell 6.1% versus a typical 0.1% decline, and Wired Communication rose 1.2% versus a typical 3.9% increase. This leaves the tracker with a mixed short-term demand picture beneath the strong aggregate sales growth. At the category level, Bernstein notes that Analog Standard Linear sales rose 8.6% month on month as unit shipments fell 1.5% and ASPs increased 10.1%; amplifiers/comparators and signal conversion were particularly strong. Application-specific analog sales were flat, with units down 13.3% and ASPs up 15.4%. MPU sales declined 8.2% month on month, but were up 20.7% on a three-month rolling basis versus a typical 2.7% gain and up 36.3% year on year. MCU sales fell 1.5%, a much smaller decline than the historical 9.1% average. These details support Bernstein’s view that, despite an aggregate seasonal pullback, many areas of the industry remained healthier than normal seasonal patterns.

Analysis framework

Bernstein uses the monthly WSTS dataset to track semiconductor sales, unit shipments and ASPs by product group, end market and geography. It compares month-on-month changes with historical July seasonal averages, reviews year-on-year and three-month rolling growth, and decomposes industry revenue growth into price and volume effects, with particular emphasis on memory.

Methodology notes

• Industry AnalysisVolume-price decomposition

  Price-versus-volume decomposition of semiconductor sales growth

  The report separates changes in unit shipments from changes in ASPs to show that memory pricing, rather than shipment growth alone, drove much of industry revenue growth.

• Cycle and Business ConditionsBusiness-Cycle Inflection Analysis

  Comparison of current monthly changes with historical seasonal patterns

  Bernstein compares July month-on-month results with historical July averages to judge whether category and end-market performance was stronger or weaker than normal seasonality.

• Industry AnalysisSupply-demand framework

  Memory analysis using bit shipments and dollar-per-bit ASPs

  For DRAM and NAND, the report evaluates shipment volumes and pricing together to explain sales trends and the unusually strong year-on-year revenue growth.

Key data

• Total semiconductor sales growth+131% YoY in July 2026Followed +144% YoY growth in June.
• Memory sales growth+452% YoYMemory drove approximately $355 billion of incremental industry revenue year to date through July.
• Memory contribution to YTD industry growthAlmost 70%Memory pricing alone accounted for almost 70% of 111% total year-to-date industry revenue growth.
• Non-memory sales growth+35% YoYShows strong growth outside memory.
• Total sales versus seasonality-9.5% MoMSlightly worse than the typical July decline of -8.5%.
• Total unit shipments-0.3% MoM; +16.3% YoYMonthly shipment volumes were nearly flat overall.
• Industry ASPs-9.3% MoM; +98.8% YoYYear-on-year increase was driven by memory-price gains.
• DRAM ASP+6.5% MoM; +257.9% YoYMeasured on a dollar-per-bit basis.
• NAND ASP+9.5% MoM; +344.1% YoYMeasured on a dollar-per-bit basis.
• Regional sales growthAmericas +172.6%, Europe +89.8%, Japan +58.4%, China +97.5%, Asia Pacific/All Other +140.3% YoYAll regions recorded year-on-year sales growth.

Impact & implications

The report indicates that the semiconductor upswing remained overwhelmingly supported by memory pricing, while non-memory growth and comparatively favorable seasonal performance across many product groups broadened the expansion. At the same time, the slightly worse-than-normal aggregate July decline and weaker consumer and communications end-market trends point to uneven near-term conditions beneath the headline growth.

What to watch

• Whether memory pricing continues to sustain industry revenue growth.
• The balance between shipment volumes and ASPs, especially for DRAM and NAND.
• Whether July’s aggregate decline develops beyond normal seasonality.
• Monthly sales trends in consumer, wireless communication and wired communication end markets.
• Regional month-on-month sales trends, particularly in China.